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The JSE took a knock on Friday, despite Naspers’s results, due to global risk-off trade ahead of the G20 Summit and the highly anticipated meeting between US President Donald Trump and Chinese President Xi Jinping. At the close of business, the All Share was down 2.08% and the Top 40 2.29%.
Hope blossomed for US markets on Friday, regardless of the global risk-off trade, due to the US Federal Reserve Bank’s dovish interest rate plans and a possible conclusion to the US-China trade war. US markets closed the week flat, with the S&P 500 up only 0.81%.
European markets faced a difficult Friday after poor Chinese corporate data were released, and ahead of the Trump-Jinping talks at the weekend’s G20 summit. The STOXX 600 ended the week in the red by dropping a marginal 0.25%.
Most Asian markets ended the week on a positive note in light of announcements that the oil-producing countries planned to reduce oil production and the Fed’s dovish approach to interest rates. At the close of business on Friday, the Shanghai was up 0.81%.
Although Japanese markets enjoyed support from defensive and petroleum shares on Friday, global investor anxieties ahead of the G20 meeting took a toll. The Nikkei ended the week on 0.40% in the green.
Although the rand presented anxiously on Friday by losing ground ahead of the Group 20 meeting in Argentina, it maintained its gains of the week. By 20h30 on Sunday, the rand traded R13.85 to the dollar.
Gold held steady on Friday as the dollar faced difficulties after Trump announced that although he believes a trade agreement between the US and China is close, he might not want one. At 20h30 on Sunday, gold traded at $1 222.24 an ounce.
Oil ended its worst trading month for 2018 and the past ten years on Friday by falling even further due to oversupplied oil inventories. At 20h30 on Sunday, Brent crude cost $59.16 per barrel.
Source: Reuters, Business Day, Trading Economics
Chief Investment Officer